(QPEVKQPPGOGPV
%CTCEVÅTKUVKSWGU
8QVTG QWXTGRQTVG FG ICTCIG GUV FQVÅG FG HQPEVKQPU SWK XQWU QHHTGPV WP OGKNNGWT EQPVTÐNG FW HQPEVKQPPGOGPV FG XQVTG
RQTVG FG ICTCIG
/[3
.C VGEJPQNQIKG /[3
WVKNKUG WP UKIPCN FG |/*\ QHHTCPV WPG EQOOWPKECVKQP ¼ FGWZ XQKGU GPVTG N QWXTGRQTVG FG
ICTCIG GV NGU CEEGUUQKTGU CEVKXÅU RCT /[3
8QVTG RQTVG FG ICTCIG GUV EQORCVKDNG CXGE WP OCZKOWO FG
|CEEGUUQKTGU /[3
2QWT NGU CRRNKECVKQPU FG VÅNÅRJQPG KPVGNNKIGPV EQOOCPFCPV XQVTG QWXTGRQTVG FG ICTCIG GV RQWT
NGU CWVTGU CEEGUUQKTGU /[3
NC RCUUPVGTPGV /[3
FG %JCODGTNCKP OQFÄNG %+)$7 GUV TGSWKUG
/+076'4+' &' ('4/'674' 66%
.C VGORQTKUCVKQP FG HGTOGVWTG HGTOG CWVQOCVKSWGOGPV NC RQTVG CRTÄU WPG RÅTKQFG FÅVGTOKPÅG
0G 2#5 CEVKXGT NC
VGORQTKUCVKQP FG HGTOGVWTG U KN U CIKV F WPG RQTVG TKIKFG .C VGORQTKUCVKQP FG HGTOGVWTG FQKV ÆVTG WVKNKUÅG
70+37'/'06 UWT NGU RQTVGU CTVKEWNÅGU
'NNG GUV FÅUCEVKXÅG RCT FÅHCWV UGNQP NG TÅINCIG F WUKPG #XCPV NC HGTOGVWTG
FG NC RQTVG N QWXTGRQTVG FG ICTCIG ÅOGV FGU DKRU GV N ÅENCKTCIG UG OGV ¼ ENKIPQVGT .C HQPEVKQP FG OKPWVGTKG UG
FÅUCEVKXG UK NC RQTVG FG ICTCIG TGPEQPVTG WPG QDUVTWEVKQP FGWZ HQKU QW UK NGU FÅVGEVGWTU KPXGTUGWTU FG UÅEWTKVÅ QPV ÅVÅ
OCN KPUVCNNÅU .C RQTVG FG ICTCIG TGOQPVG GV 0' UG HGTOG 2#5 LWUSW ¼ N ÅNKOKPCVKQP FGU QDUVTWEVKQPU QW N KPUVCNNCVKQP
EQTTGEVG FGU FÅVGEVGWTU KPXGTUGWTU #RTÄU N ÅNKOKPCVKQP FGU QDUVTWEVKQPU GV N CNKIPGOGPV EQTTGEV FGU FÅVGEVGWTU
KPXGTUGWTU NC RQTVG UG HGTOGTC UK XQWU CEVKQPPG\ N QWXTGRQTVG FG ICTCIG .C OKPWVGTKG FG HGTOGVWTG PG HQPEVKQPPGTC
2#5 UK N QWXTGRQTVG FG ICTCIG GUV CNKOGPVÅ RCT DCVVGTKG QW UK NGU FÅVGEVGWTU KPXGTUGWTU FG UÅEWTKVÅ PG UQPV RCU
CNKIPÅU %GVVG HQPEVKQP PoGUV 2#5 FGUVKPÅG ¼ ÆVTG NC RTKPEKRCNG OÅVJQFG FG HGTOGVWTG FG NC RQTVG
7PG EQOOCPFG FG
VÅNÅFÅXGTTQWKNNCIG ÅOGVVGWT OWTCN ¼ EQFG FQKV ÆVTG KPUVCNNÅG FCPU NG ECU F WP XGTTQWKNNCIG CEEKFGPVGN NQTU FG
N WVKNKUCVKQP FG EGVVG HQPEVKQP
6¥.¥%1//#0&'5 '6 %1//#0&'5 &' 2146' /[3
. QWXTGRQTVG FG ICTCIG C ÅVÅ RTQITCOOÅ GP WUKPG FG OCPKÄTG ¼ HQPEVKQPPGT CXGE NC VÅNÅEQOOCPFG SWK EJCPIG FG
EQFG ¼ EJCSWG WVKNKUCVKQP CEEÅFCPV CW JCUCTF ¼ RNWU FG |OKNNKCTFU FG PQWXGCWZ EQFGU %QORCVKDNG CXGE NGU
CEEGUUQKTGU /[3
XQKT NC RCIG
4'/#437' .GU CPEKGPU VGNGEQOOCPFGU EQOOCPFGU FG RQTVG %JCODGTNCKP GV NGU RTQFWKVU FG VKGTU PG UQP RCU
EQORCVKDNGU
#EEGUUQKTGU /[3
%#2#%+6¥ &' /+5' '0 /¥/1+4'
6ÅNÅEQOOCPFGU
,WUSW ¼
%QOOCPFGU FG RQTVG
,WUSW ¼ EQOOCPFGU FG RQTVG /[3
1WXTGRQTVG UCPU ENÅ
,WUSW ¼
.' 2416'%614 5;56'/
%#26'745 & +08'45+10 &' 5¥%74+6¥
.QTUSW KN GUV DKGP EQPPGEVÅ GV DKGP CNKIPÅ NG ECRVGWT F KPXGTUKQP FÅVGEVGTC WP QDUVCENG UWT NG RCUUCIG FG UQP HCKUEGCW
KPHTCTQWIG 5K WP QDUVCENG DTKUG NG HCKUEGCW KPHTCTQWIG RGPFCPV SWG NC RQTVG UG HGTOG NC RQTVG U CTTÆVGTC GV TGOQPVGTC
LWUSW ¼ NC RQUKVKQP GPVKÄTGOGPV QWXGTVG GV NGU NWOKÄTGU FG N QWXTGRQTVG ENKIPQVGTQPV HQKU 5K NC RQTVG GUV
EQORNÄVGOGPV QWXGTVG GV SWG NGU ECRVGWTU F KPXGTUKQP PG UQPV RCU KPUVCNNÅU QW UQPV OCN CNKIPÅU NC RQTVG PG UG HGTOG
RCU ¼ RCTVKT F WPG VÅNÅEQOOCPFG %GRGPFCPV KN GUV RQUUKDNG FG HGTOGT NC RQTVG GP OCKPVGPCPV NG DQWVQP FG NC
EQOOCPFG FG RQTVG QW FG N ÅOGVVGWT ¼ EQFG LWUSW ¼ EG SWG NC RQTVG UQKV VQVCNGOGPV HGTOÅG .G ECRVGWT F KPXGTUKQP P C
CWEWP GHHGV UWT NG E[ENG F QWXGTVWTG
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2QWT ÅEQPQOKUGT NoÅPGTIKG NoQWXTGRQTVG FG ICTCIG UG OGV GP OQFG FG XGKNNG NQTUSWG NC RQTVG GUV EQORNÄVGOGPV
HGTOÅG .G OQFG FG XGKNNG HGTOG N QWXTGRQTVG FG ICTCIG LWUSW ¼ EG SW KN UQKV CEVKXÅ .G OQFG XGKNNG GUV UÅSWGPEÅ ¼
N CORQWNG F ÅENCKTCIG FG N QWXTGRQTVG FG ICTCIG NQTUSWG N CORQWNG U ÅVGKPV NG VÅOQKP &'. FW ECRVGWT U ÅVGKPV GV EJCSWG
HQKU SWG N ÅENCKTCIG FG N QWXTGRQTVG FG ICTCIG U CNNWOG NG VÅOQKP &'. FW ECRVGWT U CNNWOG . QWXTGRQTVG FG ICTCIG PG
UG OGV GP OQFG FG XGKNNG SWG NQTUSW KN C CEJGXÅ EKPS E[ENGU FG OKUG UQWU VGPUKQP
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.GU CORQWNGU FG NoQWXTGRQTVG FG ICTCIG UoCNNWOGPV NQTUSWG EG FGTPKGT GUV KPKVKCNGOGPV DTCPEJÅ SWG NG EQWTCPV GUV
TÅVCDNK CRTÄU WPG RCPPG QW NQTUSWG NoQWXTGRQTVG FG ICTCIG GUV CEVKXÅ .GU NWOKÄTGU U GVGKPFTQPV CWVQOCVKSWGOGPV
¾RTGU OKPWVGU 1P RGWV WVKNKUGT WPG CORQWNG ¼ KPECPFGUEGPEG # |YCVVU OCZKOWO QW RQWT WPG GHHKECEKVÅ
ÅPGTIÅVKSWG OCZKOCNG WPG NCORG HNWQTGUEGPVG EQORCEVG FG |9 ÅSWKXCNCPV ¼ |9
4'/#437' . WVKNKUCVKQP
F CORQWNGU JCNQIÄPGU ¼ EQN EQWTV QW F CORQWNGU URÅEKCNKUÅGU RGWV ECWUGT WPG UWTEJCWHHG FW RCPPGCW F GZVTÅOKVÅ QW
FG NC FQWKNNG 0G RCU WVKNKUGT FoCORQWNGU ¼ &'. UQWU TKUSWG FG TÅFWKTG NC RQTVÅG QW NG TGPFGOGPV FG XQVTG QW XQU
EQOOCPFGU ¼ FKUVCPEG
(QPEVKQP F ÅENCKTCIG
. QWXTGRQTVG FG ICTCIG GUV FQVÅ F WPG HQPEVKQP UWRRNÅOGPVCKTG N ÅENCKTCIG U CNNWOG SWCPF SWGNSW WP GPVTG RCT NC RQTVG
FG ICTCIG QWXGTVG GV KPVGTTQOR NG HCKUEGCW KPHTCTQWIG FW FÅVGEVGWT KPXGTUGWT FG UÅEWTKVÅ 2QWT WP EQPVTÐNG
UWRRNÅOGPVCKTG FGU CORQWNGU FG XQVTG QWXTGRQTVG FG ICTCIG TGRQTVG\XQWU CW RCIG RCIG GV RCIG
2+.' &' 5'%1745
.G U[UVÄOG FoCNKOGPVCVKQP RCT DCVVGTKG FG UGEQWTU XQWU RGTOGV FoGPVTGT QW FG UQTVKT FG XQVTG ICTCIG NQTU FoWPG RCPPG
FG EQWTCPV .QTUSWG NoQWXTGRQTVG FG ICTCIG GUV CNKOGPVÅ RCT NC DCVVGTKG FG UGEQWTU NoQWXTGRQTVG FG ICTCIG
HQPEVKQPPG RNWU NGPVGOGPV NoÅENCKTCIG PG HQPEVKQPPG RCU NC &'. FoÅVCV FG EJCTIG FG NC DCVVGTKG UoCNNWOG GP QTCPIG GV
WP DKR UG HCKV GPVGPFTG GPXKTQP VQWVGU NGU FGWZ UGEQPFGU
